What is the primary principle of business ethics in Islam?
A) Greed
B) Honesty and integrity
C) Exploitation
D) Deception
Which of the following is forbidden in Islamic contracts?
A) Mutual agreement
B) Interest (Riba)
C) Profit sharing
D) Fair exchange
In an Islamic contract, what must both parties give consent to?
A) Only the seller
B) Only the buyer
C) Both parties involved
D) Neither party
Which of the following is required for a valid contract in Islam?
A) The contract must be written only
B) Both parties must be aware of the terms
C) Only one party needs to consent
D) The contract must be verbal
What does “Halal” mean in business transactions?
A) Forbidden
B) Permissible according to Islamic law
C) Unethical
D) Illegal
Which of the following is the best way to ensure fairness in business transactions in Islam?
A) Deception
B) Transparency and mutual consent
C) Hiding important information
D) Exploiting the buyer’s ignorance
What does the concept of “Gharar” mean in Islamic contracts?
A) Deception or ambiguity
B) Fairness
C) Profit-sharing
D) Charity
Which practice is prohibited in Islamic trade and business?
A) Profit-sharing
B) Honesty
C) Fraud and deceit
D) Mutual consent
What does the term “Maysir” refer to in Islamic business ethics?
A) Gambling or games of chance
B) Fair business practices
C) Profit-sharing
D) Investment in halal activities
Which type of contract is prohibited in Islam due to its ambiguity?
A) Fixed-term contract
B) Unclear contract (Gharar)
C) Long-term contract
D) Simple contract
In Islamic business ethics, what is the significance of honesty?
A) It is secondary to profits
B) It is a core principle
C) It is only necessary for large businesses
D) It can be ignored in competitive markets
What is the ruling on business transactions involving alcohol in Islam?
A) Permissible
B) Uncertain
C) Prohibited
D) Allowed under certain conditions
What does “Riba” refer to in an Islamic financial context?
A) Profitable partnerships
B) Loans with interest
C) Fair profit-sharing
D) Charity donations
Which of the following is permissible in Islamic trade?
A) Selling goods without disclosing defects
B) Selling alcohol
C) Selling goods with full disclosure
D) Engaging in gambling
How is a sale contract in Islam typically completed?
A) Through a verbal agreement alone
B) Through a written contract signed by both parties
C) By the buyer paying the seller in installments
D) Through the seller’s sole decision
What is the Islamic stance on unfair pricing in business transactions?
A) It is encouraged
B) It is permissible if there is demand
C) It is forbidden
D) It is allowed in times of shortage
What is the Islamic ruling on buying and selling goods that are harmful or harmful to the environment?
A) Permissible
B) Forbidden
C) Allowed with conditions
D) Discouraged but not prohibited
Which of the following is true regarding charity and business in Islam?
A) Business and charity are separate and unrelated
B) Charity is encouraged in business dealings
C) Charity is not allowed in business
D) Only the wealthy are required to give charity
What is the concept of “Takaful” in Islamic business?
A) A type of interest-based insurance
B) A voluntary cooperative insurance system based on mutual support
C) A government-controlled insurance system
D) A way to avoid paying for insurance
What is the significance of “Amanah” in Islamic business ethics?
A) Trust and honesty in fulfilling business obligations
B) Deception in business dealings
C) Earning profits at all costs
D) Avoiding tax payments
What does Islam say about wealth accumulation in business?
A) Wealth should be hoarded
B) Wealth should be shared and used ethically
C) Wealth is irrelevant in Islam
D) Wealth is to be used for personal gain only
What is the Islamic ruling on selling defective goods without informing the buyer?
A) Permissible
B) Prohibited
C) Allowed with conditions
D) Encouraged
Which of the following practices is allowed in Islamic trade?
A) Engaging in fraudulent advertising
B) Selling goods with misleading claims
C) Offering goods or services with full transparency
D) Taking advantage of others’ ignorance
In Islamic finance, what is the ruling on selling items that are Haram (forbidden)?
A) Allowed under special conditions
B) Permissible if the profit is used for charity
C) Forbidden
D) Allowed for personal use only
What is the stance of Islam on monopolies and price gouging?
A) They are encouraged
B) They are permissible in times of shortage
C) They are forbidden as they exploit consumers
D) They are allowed under certain conditions
How should disputes in business contracts be resolved in Islam?
A) Through arbitration or mediation
B) By one party taking unilateral action
C) By ignoring the dispute
D) Through violence or threats
Which of the following is an example of a fair contract in Islam?
A) A contract with no clear terms
B) A contract that benefits only one party
C) A contract where both parties agree on all terms
D) A contract based on coercion
What is the Islamic view on investing in businesses related to unethical activities?
A) It is encouraged
B) It is forbidden
C) It is permissible if there is profit
D) It is allowed for personal gain
What does “Zakat” mean in the context of business ethics?
A) A tax on business profits
B) A charitable donation to those in need
C) A fee for government approval of business
D) A type of interest in business dealings
What is the ruling on bribery in Islamic business?
A) It is encouraged to gain favors
B) It is permissible under certain conditions
C) It is forbidden and considered a major sin
D) It is allowed if the amount is small
How does Islam view wealth accumulation in business?
A) As a goal in itself
B) As something to be used for the benefit of others
C) As something to be hoarded for personal gain
D) As irrelevant to the life of a Muslim
Which of the following best describes the principle of “Tawakkul” in business?
A) Dependence solely on one’s efforts
B) Putting trust in Allah after taking all ethical steps
C) Ignoring ethical concerns in pursuit of profit
D) Working without any plans or goals
